yuan

Bitcoin Price Breaks $10,000, Supercharged by China’s Soaring Forex Appetite

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Bitcoin gained momentum to continue a recent winning streak as the Chinese Yuan dropped to its weakest level in more than a decade. The benchmark cryptoasset accelerated its early morning advance with a 1.14 percent gain, adding up to 12.44 percent since August 30 low of $9,337. The upside move also brought bitcoin’s market capitalization […]

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Bitcoin Price Explodes Past $12,000, ‘Clear Skies’ to 2019 High

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The bitcoin price pierced $12,000 on Tuesday as traders seek refuge from global instability on traditional markets. As global stock markets reel from the escalating trade war between the US and China, Bitcoin has climbed more than 20% in five days, briefly hitting $12,265 on Coinbase. The move upwards was accompanied by the strongest volume […]

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Global Economic Outlook: Rates Hike a Certainty?

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International markets are uneasily relaxed today, as investors and speculators position for a September Fed rates hike. Chinese Yuan devaluation surprised markets last week and may have a subtle influence on that hoped-for September outcome. This post is powered by the Bitcoin Trading Network xbt.social – CCN29 and get 29USD off! Economic Indicators World Indexes and Forex Rates   Commodities In the Calendar This Week Mon 17 August Japan Prelim GDP q/q (actual: -0.4% expected: -0.5% previous: 1.0%) Tue 18 August UK CPI y/y (expected: 0.0% previous: 0.0%) US Building Permits (expected: 1.21M previous: 1.34M) Wed 19 August US Core […]

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Bitcoin Price and the Yuan

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Bitcoin price diverged between exchanges today as a surprise yuan devaluation shifted buying pressure to the BTC/CNY exchange charts. The yuan is responsible for the greater bulk of bitcoin trade and showed its influence in the chart today. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 15h22 UTC BTC-China vs Bitstamp 1-Hour Charts From the analysis pages of xbt.social, earlier today: The surprise devaluation of the yuan, today, had price diverge between […]

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China Devalues the Yuan, Jolts Global Markets

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China devalued the yuan today in a move that caught global markets by surprise. Policy makers have increased efforts to support exporters and, going forward, hope to increase the role of market pricing in Asia’s largest economy. The Peoples’ Bank of China cut its 1-day rate by 1.9% and, thereby, triggered yuan/dollar devaluation – the biggest one-day drop since January 1994. The central bank informs only this one-time adjustment and intends to increasingly expose the yuan to market supply-and-demand. The announcement follows a series of lower-than-expected data releases from the Chinese manufacturing industry that culminated in decreased trade balance, as […]

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